Realty Income Corporation · NYSE:O
Realty Income — Q3 2026 Earnings Presentation
46 slides from Realty Income's earnings presentation, Nov 2, 2026
Slide 1: Supplemental Operating & Financial Data Q3 2026
Supplemental Operating & Financial Data An S&P 500 Dividend Aristocrats® index member Q3 2026 Exhibit 99.2
Slide 2: Forward-Looking Statements
Q3 2026 Supplemental Operating & Financial Data 2 Forward-Looking Statements September 30, 2026 FORWARD-LOOKING STATEMENTS This Supplemental Operating & Financial Data presentation contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, Section
Slide 3: Table of Contents
3 Table of Contents Highlights 4 Corporate Overview 5 Portfolio Overview 6 Summary Financial Information Financial Summary and Guidance 8 Financial Highlights 9 Consolidated Statements of Income 11 Consolidated Balance Sheets 12 FFO and Normalized FFO 13 AFFO 14 Earnings Guidance Portfolio Overview
Slide 4: Corporate Overview
Q3 2026 Supplemental Operating & Financial Data 4 Corporate Overview CORPORATE PROFILE Realty Income (NYSE: O), an S&P 500 company, is real estate partner to the world's leading companies®. Founded in 1969, we serve our clients as a full- service real estate capital provider. As of September 30, 202
Slide 5: Portfolio Overview
Q3 2026 Supplemental Operating & Financial Data 5 Portfolio Overview As of September 30, 2026 (1) Our property-level occupancy rates exclude properties with ancillary leases only, such as cell towers and billboards, and properties with possession pending, and include properties owned by unconsolidat
Slide 6: Summary Financial Information
Q3 2026 Supplemental Operating & Financial Data 6 Summary Financial Information (USD in millions) Q3 2026 Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Capital Deployment Investment Activity(1) Real estate acquisitions $ 1,840 $ 1,311 $ 1,433 $ 1,350 $ 830 $ 871 $ 1,026 $ 1,316 $ 5
Slide 7: Summary Financial Information (Continued)
Q3 2026 Supplemental Operating & Financial Data 7 Summary Financial Information (Continued) (USD in millions) Q3 2026 Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Portfolio Highlights GAV(4) U.S. $ 68,585 $ 67,832 $ 65,863 $ 64,883 $ 63,994 $ 64,396 $ 64,339 $ 64,355 $ 63,571 U.K.
Slide 8: Financial Highlights
Q3 2026 Supplemental Operating & Financial Data 8 Financial Highlights (in USD) Net Income per Share (Diluted) $0.35 $0.32 $0.33 $0.37 $0.43 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 AFFO per Share (Diluted) $1.08 $1.08 $1.13 $1.09 $1.12 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 (1) AFFO and Total Opera
Slide 9: Consolidated Statements of Income
Q3 2026 Supplemental Operating & Financial Data 9 Three months ended September 30, Nine months ended September 30, 2026 2025 2026 2025 REVENUE Rental (including reimbursements) $ 1,483,799 $ 1,386,502 $ 4,351,083 $ 4,037,747 Interest income on financing receivables 32,248 32,635 96,402 97,652 Intere
Slide 10: Consolidated Statements of Income (Continued)
Q3 2026 Supplemental Operating & Financial Data 10 Consolidated Statements of Income (Continued) (USD in thousands) (unaudited) Supplemental Information Three months ended September 30, Nine months ended September 30, 2026 2025 2026 2025 Minimum rent $ 1,334,178 $ 1,237,339 $ 3,914,057 $ 3,645,377 T
Slide 11: Consolidated Balance Sheets
Q3 2026 Supplemental Operating & Financial Data 11 September 30, 2026 December 31, 2025 ASSETS Real estate held for investment, at cost: Land $ 19,119,185 $ 18,368,029 Buildings and improvements 46,719,476 43,824,410 Total real estate held for investment, at cost 65,838,661 62,192,439 Less accumulat
Slide 12: FFO and Normalized FFO
Q3 2026 Supplemental Operating & Financial Data 12 The following is a reconciliation of net income available to common stockholders (which we believe is the most comparable GAAP measure) to FFO and Normalized FFO. Also presented is information regarding distributions paid to common stockholders and
Slide 13: AFFO
Q3 2026 Supplemental Operating & Financial Data 13 The following is a reconciliation of net income available to common stockholders (which we believe is the most comparable GAAP measure) to Normalized FFO and AFFO. Certain prior period amounts have been reclassified to conform to the current period
Slide 14: Earnings Guidance
Q3 2026 Supplemental Operating & Financial Data 14 Earnings Guidance Revised 2026 Guidance Prior 2026 Guidance(1) YTD Actuals at September 30, 2026 Net income per share(2) $1.55 - $1.56 $1.59 - $1.60 $1.13 AFFO per share(3) $4.45 - $4.46 $4.44 - $4.45 $3.35 Same store rent growth 1.1% - 1.3% 1.1% -
Slide 15: Portfolio Highlights
Q3 2026 Supplemental Operating & Financial Data 15 Portfolio Highlights (USD in millions) Number of Properties 12,237 13,458 15,621 15,511 15,536 11,966 13,007 15,099 14,893 14,840 Domestic International Q4 2022 Q4 2023 Q4 2024 Q4 2025 Q3 2026 Same Store Rental Revenue Growth 1.8% 1.9% 0.5% 1.3% 1.1
Slide 16: Portfolio Diversification
Q3 2026 Supplemental Operating & Financial Data 16 As of Industry Q3 2026 Q4 2025 Grocery 10.6 % 11.1 % Convenience Stores 9.2 9.5 Home Improvement 6.4 6.4 Dollar Stores 6.0 6.1 Restaurants-Quick Service 4.7 4.8 Health and Fitness 4.1 4.4 Automotive Service 4.0 4.3 Drug Stores 4.0 4.3 General Mercha
Slide 17: Client Diversification
Q3 2026 Supplemental Operating & Financial Data 17 Ranking Client Number of Leases Percentage of Annualized Base Rent(1)(2) Investment Grade Ratings (S&P/ Moody's/Fitch)(3) 1 Dollar General 1,866 3.3% BBB / Baa3 / - 2 7-Eleven 799 3.0 A- / Baa2 / - 3 Walgreens 387 2.9 — 4 Family Dollar 1,253 2.5 — 5
Slide 18: Same Store Rental Revenue
Q3 2026 Supplemental Operating & Financial Data 18 TOP 3 INDUSTRIES CONTRIBUTING TO THE CHANGE(4) Industry Q3 2026 Q3 2025 $ Change % Change Industry YTD 2026 YTD 2025 $ Change % Change Convenience Stores $ 118,837 $ 116,785 $ 2,052 1.8 % Grocery $ 404,327 $ 397,316 $ 7,011 1.8 % Grocery 135,038 133
Slide 19: Leasing Activity
Q3 2026 Supplemental Operating & Financial Data 19 LEASING ACTIVITY Q3 2026 YTD 2026 Re-leased to Same Client Re-leased to New Client Re-leasing Totals Re-leased to Same Client Re-leased to New Client Re-leasing Totals Prior cash rents $ 62,230 $ 3,034 $ 65,264 $ 217,037 $ 26,467 $ 243,504 New cash
Slide 20: Credit Investments
Q3 2026 Supplemental Operating & Financial Data 20 Credit Investments as of September 30, 2026 (USD in millions) Table of Contents ↪ $5.0 billion Total Credit Investments 29.3% Preferred Equity 70.7% Loans INVESTMENT IN LOANS Pro-Rata Share(1) Investment Type Number of Investments Total Commitments
Slide 21: Annualized Pro Forma Cash NOI
Q3 2026 Supplemental Operating & Financial Data 21 Q3 2026 Total rental revenues $ 1,483,799 Interest income on financing receivables(1) 32,248 Less: Tenant reimbursement income (104,939) Less: Straight-line rental revenue (51,921) Plus: Amortization of above and below-market leases, net 17,742 Less
Slide 22: Realty Income Investment Management Highlights
Q3 2026 Supplemental Operating & Financial Data 22 U.S. Core Plus Fund AUM $— $2,674 $2,718 $3,265 $3,520 $760 $642 $770 $816 $1,914 $2,076 $2,495 $2,704 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 (1) Please see the Glossary for our definition of Assets Under Management. (2) Reflects our proportionate
Slide 23: Joint Ventures and Non-Wholly Owned Investments
Q3 2026 Supplemental Operating & Financial Data 23 Vehicle Asset Class Structure Established Region Consolidated/ Unconsolidated Realty Income Ownership % Q3 2026 European Insurance & Annuity (KKR) Industrial/Retail Managed Insurance and Retirement Annuity 2026 Europe Consolidated 51.0% U.S. Develop
Slide 24: Non-GAAP Pro-Rata Financial Information
Q3 2026 Supplemental Operating & Financial Data 24 Three months ended September 30, 2026 Nine months ended September 30, 2026 Noncontrolling Interests in Consolidated Subsidiaries(1) Realty Income's Share from Unconsolidated Entities(2) Noncontrolling Interests in Consolidated Subsidiaries(1) Realty
Slide 25: Capital Deployment - Investment Activity
Q3 2026 Supplemental Operating & Financial Data 25 Total Investments and Initial Weighted Average Cash Yields $8,995 $9,539 $6,219 $6,9255.9% 7.1% 7.4% 7.3% 7.1% 2022 2023 2024 2025 YTD 2026 Capital Deployment – Investment Activity(1)(2) (USD in millions) Table of Contents ↪ (1) Reflects adjustments
Slide 26: Investment Summary
Q3 2026 Supplemental Operating & Financial Data 26 Q3 2026 YTD 2026 Investment Pro-Rata Share(1) Weighted Average Term (Years)(1) Number of Properties Investment Pro-Rata Share(1) Weighted Average Term (Years)(1) Number of Properties Acquisitions U.S. wholly-owned $ 780.1 $ 780.1 9.3 83 $ 2,039.8 $
Slide 27: Investment Summary (Continued)
Q3 2026 Supplemental Operating & Financial Data 27 Investment Summary (Continued) (USD in millions) Table of Contents ↪ (1) Reflects adjustments for our share based on our proportionate economic ownership of our joint ventures by adding our investments in unconsolidated entities and deducting noncon
Slide 28: Disposition Summary
Q3 2026 Supplemental Operating & Financial Data 28 Number of Properties Net Book Value Net Sales Proceeds Net Cash Capitalization Rate(1) Q3 2026 Occupied 124 $ 334,754 $ 395,454 7.1 % Vacant 58 77,974 131,139 Total real estate dispositions 182 $ 412,728 $ 526,593 YTD 2026 Occupied 178 $ 471,535 $ 5
Slide 29: Development Activity
Q3 2026 Supplemental Operating & Financial Data 29 Development Activity (USD in thousands) Consolidated New development(1) and development of existing properties Beginning CIP(2) as of July 1, 2026 Q3 2026 Placed in Service Q3 2026 Investment(3) Ending CIP(2) as of September 30, 2026 Forecasted Rema
Slide 30: Capitalization & Credit-Focused Metrics
Q3 2026 Supplemental Operating & Financial Data 30 Capitalization & Credit-Focused Metrics (USD in millions) Net Debt to Annualized Pro Forma Adjusted EBITDAre 5.3x 5.3x 5.2x 5.4x 5.4x Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 (1) Net Debt to Annualized Pro Forma Adjusted EBITDAre is a non-GAAP financ
Slide 31: Adjusted EBITDAre & Leverage Ratios
Q3 2026 Supplemental Operating & Financial Data 31 Adjusted EBITDAre & Leverage Ratios (USD in thousands) (unaudited) Q3 2026 Net income $ 432,140 Interest 333,564 Income taxes 23,568 Depreciation and amortization 647,555 Executive severance charge 1,473 Provisions for impairment of real estate 111,
Slide 32: Capitalization
Q3 2026 Supplemental Operating & Financial Data 32 Capitalization as of September 30, 2026 (USD in millions and shares in thousands, except per share data) Capitalization Equity Shares/Units Stock Price Market Value Common Stock 950,964 $ 54.30 $ 51,637.3 Common Units(1) 2,682 $ 54.30 145.6 Subtotal
Slide 33: Debt Summary
Q3 2026 Supplemental Operating & Financial Data 33 Debt Summary as of September 30, 2026 (USD in millions) Pro-Rata Share(1) Maturity Dates Consolidated Debt Principal Total Debt Principal End of Period Interest Rate(2) Weighted Average Years To Maturity Senior Unsecured Notes and Bonds 50 series of
Slide 34: Debt Maturities and Currency Summary
Q3 2026 Supplemental Operating & Financial Data 34 Debt Maturities and Currency Summary as of September 30, 2026 (USD in millions) Pro-Rata Share(1) Consolidated Fixed Rate Debt Consolidated Variable Rate Debt End of Period Interest Rate(2) Year Principal Due Unsecured Term Loans Mortgages Payable S
Slide 35: Debt Covenants
Q3 2026 Supplemental Operating & Financial Data 35 Required Actuals In Compliance Limitation on incurrence of total debt ≤ 60% of adjusted assets 41.5% ✓ Limitation on incurrence of secured debt ≤ 40% of adjusted assets 0.3% ✓ Debt service and fixed charge coverage (trailing 12 months)(1) ≥ 1.5x 4.6
Slide 36: Analyst Coverage
Q3 2026 Supplemental Operating & Financial Data 36 Baird Wes Golladay [email protected] (216) 737-7510 Bank of America Securities Jana Galan [email protected] (646) 855-3081 Barclays Richard Hightower [email protected] (212) 526-8768 BMO Capital Markets Eric Borden eric.borden@bmo
Slide 37: Glossary
Q3 2026 Supplemental Operating & Financial Data 37 Adjusted EBITDAre. The National Association of Real Estate Investment Trusts (Nareit) established an EBITDA metric for real estate companies (i.e., EBITDA for real estate, or EBITDAre) it believed would provide investors with a consistent measure to
Slide 38: Glossary (Continued)
Q3 2026 Supplemental Operating & Financial Data 38 Cash Income represents expected rent for real estate acquisitions as well as rent to be received upon completion of the properties under development. For unconsolidated entities and consolidated entities with noncontrolling interests, this represent
Slide 39: Glossary (Continued)
Q3 2026 Supplemental Operating & Financial Data 39 Normalized Funds From Operations Available to Common Stockholders (Normalized FFO), a non-GAAP financial measure, is FFO excluding merger, transaction, and other costs, net. Pro-Rata Share represents our proportionate economic ownership of our joint
Slide 40: Appendix
Q3 2026 Supplemental Operating & Financial Data 40 Appendix (USD in thousands) (unaudited) Table of Contents ↪ Q3 2026 Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Net income $ 432,140 $ 370,513 $ 320,935 $ 301,636 $ 317,674 $ 199,011 $ 251,462 $ 201,350 $ 271,124 Interest 333,564
Slide 41: Appendix (Continued)
Q3 2026 Supplemental Operating & Financial Data 41 Appendix (Continued) (USD and shares in thousands, except per share amounts) (unaudited) Table of Contents ↪ RECONCILIATION OF NET INCOME AVAILABLE TO COMMON STOCKHOLDERS TO DILUTED AFFO(1) AND DILUTED AFFO PER SHARE Q3 2026 Q2 2026 Q1 2026 Q4 2025
Slide 42: Appendix (Continued)
Q3 2026 Supplemental Operating & Financial Data 42 Appendix (Continued) (USD in thousands) (unaudited) Table of Contents ↪ Q3 2026 Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Net income $ 432,140 $ 370,513 $ 320,935 $ 301,636 $ 317,674 $ 199,011 $ 251,462 $ 201,350 $ 271,124 Inte
Slide 43: Appendix (Continued)
Q3 2026 Supplemental Operating & Financial Data 43 Appendix (Continued) (USD in thousands) (unaudited) Table of Contents ↪ Q3 2026 Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Property (including reimbursements) $ 122,393 $ 112,439 $ 116,843 $ 108,076 $ 106,621 $ 107,422 $ 106,681
Slide 44: GAAP Reconciliation
Q3 2026 Supplemental Operating & Financial Data 44 GAAP Reconciliation: Q3 2026 Net income $ 432,140 General and administrative 54,315 Depreciation and amortization 647,555 Provisions for impairment of real estate 111,645 Provisions for credit losses on loans and financing receivables 14,212 Merger,
Slide 45: 2026 Per Share Guidance Reconciliation
Q3 2026 Supplemental Operating & Financial Data 45 2026 Per Share Guidance YTD Actuals at September 30, 2026 Net income per share $1.55 - $1.56 $1.13 Real estate depreciation $2.73 $2.04 Provisions for impairment of real estate, gain on sales of real estate, and non-cash credit losses(1) $0.14 $0.14
Slide 46: Same Store Rental Revenue Reconciliation
Q3 2026 Supplemental Operating & Financial Data 46 Q3 2026 Q3 2025 YTD 2026 YTD 2025 Rental revenue (including reimbursements) $ 1,483,799 $ 1,386,502 $ 4,351,083 $ 4,037,747 Constant currency adjustment(2) (4,156) (4,804) (14,007) 5,312 Straight-line rent and other non-cash adjustments (6,293) (7,5